Finanse, Rynki Finansowe, Ubezpieczenia

Purpose – The paper attempts to answer the question on the need to and opportunities for implementing the system of value-based management in small businesses. Design/methodology/approach – Surveys that were carried out in three stages, in 2008–2014, involved almost 600 entrepreneurs – owners of small businesses from within the Silesia voivodship. The surveys addressed the issue of where to place the category of value in business management and to what extent the entrepreneurs are open to capital markets. The findings of the survey were referred to theoretical rules for the implementation of value-based management systems presented in the literature. Findings – Effective implementation of the value-based management system in small businesses may only be achieved both with an investment approach of the owners to business activities and after having adjusted VBM tools to small business specificity. Both the findings of the surveys and the analysis of the literature indicate that such conditions will not be met in the foreseeable future. Originality/value – Value-based management theory and its tools are aimed at large enterprises. Currently, there are neither studies discussing the advisability of implementing value-based management systems nor tools allowing their implementation. In this context, the author’s study provides an untapped area of knowledge and is a contribution to the discussion on how to manage the value in the smallest businesses.